Gold Prices Fall in Chennai
In Chennai, the price of ornamental gold fell sharply today, dropping ₹2,400 per sovereign to ₹1,08,000. Over the past two days alone, gold has declined by more than ₹5,000.
Market fluctuations have been driven by Middle East tensions, global economic conditions, and the rupee's strength against the U.S. dollar. After nine consecutive days of decline, gold briefly rose ₹1,040 per sovereign, but then fell again by ₹3,200 yesterday.
Today, one gram of gold dropped ₹300 to ₹13,500. For 24-carat gold, the price fell ₹2,616 per sovereign, settling at ₹1,17,824. Silver prices remained unchanged at ₹260 per gram and ₹2,60,000 per kilogram.
According to Chennai Jewelers' Association General Secretary Santhakumar, international crude oil price hikes have reduced gold's value from $4,300 to $4,100 per troy ounce. With stronger rupee value and lower global demand, gold prices are expected to remain volatile for the next few weeks.
